Paul Ryan — More Trickle Down Economics

( – promoted by lowkell)

Paul Ryan’s fix will not solve America’s fiscal mess. We have a non-recession structural deficit of $700 billion a year, and it is increasing. Ryan’s best-case budget, one that if we adopt in toto, gets only 80% of the problem. That’s not good enough. Not for such a “grand strategy.” Americans cannot cut our way, tax our way or grow our way out of this mess. We need a mix of all three.

America must invest in long-term growth strategies to increase our tax base. Simultaneously, our government must raise existing revenue and cut spending. All of this requires a multistep approach.

What Ryan doesn’t help — in fact he further destroys — is a sane stream of federal revenue. The Bush tax cuts were disastrous. Even Reagan increased the capital gains tax; Bush slashed it. Now Ryan wants more tax cuts for wealthy individuals and corporations. Ryan and the Republicans shift the tax burden even further on anyone getting a W-2. He also increased out-of-pocket expenses for the middle class. Anyone who is serious about solving the deficit must take the best of Ryan’s proposal and combine them with the Clinton tax rates. If not the exact rates, then at least the Clinton tax revenues.

These taxes produced a balanced budget — while also creating massive wealth. Anyone who claims the Clinton tax rates hurt the economy is lying to you.

Under President Clinton, responsible tax rates put money in everyone’s pockets. America:

• Produced the longest economic expansion in US history

• Moved the federal budget from record deficits to record surpluses

• Created 23 million jobs (averaging a quarter million new jobs every month for 8 years)

• Dropped national unemployment to 4%

Ryan cloaks himself in righteousness about balancing the budget, but he does it on the backs of the middle class. The Ryan budget is classic Republican protect-the-rich thinking.

Democrats have the backs of the Middle Class and those that aspire to join the Middle Class. We understand that economic recovery will take a mix of sacrifice, including program cuts and tax hikes. Anything else is fantasy. If Republicans insist on the Ryan plan, Democrats must simply yell, “Fight’s On!”